Bhansali Engineering declared a very good set of numbers for Q4FY18 yet the market decided to book profits and scoot from the counter. The stock which had closed on Friday at Rs.206.65, opened lower at Rs.197.80 but has since then recovered yet remains in the red at Rs.201, down 3%.

The company, for Q4FY18 posted a 56% (YoY) increase in net sales at Rs.302 crore. Higher turnover led to overall increase in profitability despite higher expenses. Net profit was up 82% at Rs.29 crore.

EBITDA for the quarter was up by a whopping 94% at Rs.44 crore and margins rose from 11.7% to 14.5%.

It has shown a 48% increase in other expenses due to forex loss of Rs.7 crore and debtor write-off of Rs.9 crore.

The company stated that it planning to set up a 200KTPA greenfield ABS project of the company in Pipavav Port, Gujarat.

The company ended FY18 with a consolidated total income of Rs.1073 crore, up 50% and net profit came in at Rs.100 crore v/s Rs.35 crore in FY17.